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GBPJPY –A recent shift in British Pound sentiment warns that it may continue lower versus the Japanese Yen. The ratio of long to short positions in the GBPJPY stands at 1.14 as 53% of traders are long—a notable contrast to last week when traders were heavily net-short. A contrarian view of crowd sentiment leaves us watching for continued weakness, and only a large shift towards GBP-selling would shake us from our contrarian bearish trading bias.
See next currency section:EURUSD - Euro Sentiment Paints Mixed Picture on Next Move
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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